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This week we had the honor of hosting a discussion panel featuring three industry professionals to discuss start-ups, VC, and how deep tech is contributing to the impact space. We were joined by Sian Priest, general manager at Cicada Innovations, Tegan Nock, co-founder of Loam Bio, and Mike Zimmerman, partner at Main Sequence. This article will recap the main points of discussion covered during the panel.
In simple terms, what does “deep tech” entail?
To begin, the speakers were asked to elaborate on what “deep tech” means, and what it entails. The phrase is purposefully vague, encompassing many different disciplines and fields. But what is core to the definition is the combination of cutting edge research with a commercial lens. Deep tech seeks to create truly transformational technology that aims to solve the big challenges. As Sian puts it: “revolution, not evolution”. To Tegan, what is exciting about deep tech especially is the chance to bring about a paradigm shift in a certain field, rather than incremental gains. But even as deep tech works at the intersection of what’s possible in terms of transformative outcomes, as Mike reminds us, there is also a commercial consideration. A deep tech business - like any impact investment - needs to be commercially sustainable, and it needs to be able to attract investors with a return profile.
The speakers were then asked to specify some problems in the world that deep tech can solve. Crowd favourites such as climate change, energy, and food production were mentioned. In addition to the usual suspects, Sian mentioned the exciting work done in the field of synthetic biology and new materials, such as leather made from mushrooms rather than animal products, and clothes woven from the fibre in pineapple tops, which otherwise are often discarded. Mike also championed a “counterintuitive take”, with a focus on industrial tech. For instance, improving sustainability and efficiency in mining with targeted mineral extraction, and improving the process of assembling lithium-based batteries. With heavy industries being such a core part of our society and infrastructure, there are many opportunities for improvement in this field.
Traditionally, the worlds of science and finance have been male-dominated. What are some of the opportunities presented to women and gender-non-conforming individuals in the startup, deep tech, and venture capital ecosystem?
All speakers echoed the sentiment that diverse teams have more access to a wider sector of the workforce due to the presence of more unique viewpoints. This is even more true in fields such as deep tech and startups, where a diverse set of skills is required for a smaller-scale company to function - engineers and technical experts are obviously necessary, but marketers and operations expertise is also important. Sian also mentioned the importance of role models who are just “a few steps ahead”. There are plenty of people who are incredibly successful, but having role models who are only a little further along their journey is extremely helpful to those starting in the field, as it makes the path toward one’s ultimate goal clearer.
What’s the best way for students and young people to enter the space and get involved, and what actions should they take to get their foot in the door?
The most-enforced sentiment by the speakers here was simply to go for it, and not be put off by what seems like a daunting space. As Mike says, “Don’t be so strict about having all the skills. These days with these types of deep tech companies, people are looking for raw skills; they are doing things that haven’t been done before, not things that have been done 20 times before.” Sian mentioned a known thought process of Blackbird in hiring new employees, wherein they look for “the hungry, not the proven”. What companies working in this space care about is whether or not applicants share their passion and vision, and whether or not they are excited to work for them. Additionally, Tegan noted that companies - especially smaller startups that are more flexible - sometimes will not realize a certain skillset is required before an interview with an applicant illuminates the need. Above all, “going for it” is what will get your foot in the door if you are interested in the space.
This concludes the recap of our most recent panel! Our wonderful panelists covered a much wider range of topics than what is mentioned in this brief article. If you are interested in catching the whole discussion, details about our next panel event will be posted on our socials shortly, so stay tuned!
